Slides
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PROPOSED ACQUISITION OF ADRIATC METALS June 13, 2025 DELIVERING GROWTH AND VALUE with high-margin, long-life mines
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Laura Tyler CEO and Managing Director Adriatic Metals plc Conference Call Participants TSX: DPM 2 David Rae President & CEO Dundee Precious Metals
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Cautionary Statement TSX: DPM 3 This presentation (including any information incorporated by reference into this presentation) contains statements which are, or may be deemed to be, “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are prospective in nature and are not based on historical facts, but rather, on current expectations and projections of the management of Dundee Precious Metals Inc. (“DPM”) about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. The forward-looking statements contained in this presentation include statements with respect to DPM’s proposed acquisition (the “Transaction”) of the entire issued, and to be issued, ordinary share capital of Adriatic Metals Plc (“Adriatic”), the project economics, financial and operational parameters such as expected production, processing methods, cash costs, all-in sustaining costs, other costs, capital expenditures, cash flow, NPV, and life of mine for the Vareš Silver Operation in Bosnia and Herzegovina (“Vareš”), mineral reserves and mineral resources, the financial condition, results of operations and business of Adriatic and certain plans and objectives of DPM with respect thereto, the benefits of the Transaction to the parties and their respective shareholders and/or other stakeholders and other statements other than historical facts. Often, but not always, forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and may use forward-looking words, phrases and expressions such as “anticipate”, “target”, “expect”, “believe”, “intend”, “foresee”, “predict”, “project”, “estimate”, “forecast”, “intend”, “plan”, “budget”, “scheduled”, “goal”, “believe”, “hope”, “aims”, “continue”, “likely”, “will”, “may”, “might”, “should”, “would”, “could”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe objectives, plans or goals are or may be forward-looking statements. These statements are based on assumptions and assessments made by management of DPM in light of their experience and their perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve known and unknown risk and uncertainty and other factors which may cause actual results, performance, actions, achievements or developments to differ materially from those expressed in or implied by such forward-looking statements, because they relate to events and depend on circumstances that will occur in the future. Although DPM believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and readers are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this presentation. There are a number of factors which could cause actual results, performance, actions, achievements or developments to differ materially from those expressed or implied in forward-looking statements. Such factors include, but are not limited to: the ability to proceed with or complete the Transaction; the ability to obtain requisite regulatory and shareholder approvals and the satisfaction of other conditions to the Transaction on the proposed terms; changes in the global, political, economic, social, business and competitive environments and in market and regulatory forces; changes in future inflation, deflation, exchange and interest rates; changes in tax and national insurance rates; future business combinations, capital expenditures, acquisitions or dispositions; changes in general and economic business conditions; changes in the behaviour of other market participants; the anticipated benefits of the Transaction not being realised as a result of changes in general economic and market conditions in the countries in which DPM and Adriatic operate; changes in or enforcement of national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalisation of property and political or economic developments in Bosnia, Serbia, Bulgaria and Ecuador and other jurisdictions in which DPM and Adriatic carry on business or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, silver and other metals or certain other commodities (such as diesel fuel, natural gas and electricity); the results of exploration activities and feasibility studies; the speculative nature of mineral exploitation and development; risks that exploration data may be incomplete and considerable additional work may be required to complete future evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; future prices of gold and other metals; possible variations of ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; discovery of archaeological ruins; risk of loss due to acts of war, terrorism, sabotage and civil disturbances operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; outcome of pending or future litigation proceedings; the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the internal control over financial reporting; other business and operational risks and challenges; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary notices, concessions, permits and approvals; weak, volatile or illiquid capital and/or credit markets; changes in the degree of competition in the geographic and business areas in which DPM and Adriatic operate; any public health crises, pandemics or epidemics and repercussions thereof; changes to the boards of directors of DPM and/or Adriatic and/ or the composition of their respective workforces; safety and technology risks; exposures to terrorist activity, information technology system failures, cyber-crime, fraud and pension scheme liabilities; risks relating to environmental matters such as climate change including DPM and/or Adriatic’s ability along with applicable governmental bodies and/or other stakeholders to measure, manage and mitigate the impacts of climate change effectively; changes to law and/or the policies and practices of regulatory and governmental bodies; Russia’s invasion of Ukraine, conflicts in the Middle East, and any cost of living crisis or recession. Specific reference is made to the most recent Annual Information Form and other disclosure documents filed by DPM at www.sedarplus.ca for additional information on some of the factors and risks that may affect DPM’s ability to achieve the expectations set forth in the forward-looking statements contained in this presentation. Other unknown or unpredictable factors could cause actual results, performance, actions, achievements or developments to differ materially from those expected, estimated or projected in the forward-looking statements. If any one or more of these risks or uncertainties materialises or if any one or more of the assumptions proves incorrect, actual results, performance, actions, achievements or developments may differ materially from those expected, estimated or projected. Such forward-looking statements should therefore be construed in the light of such factors. Neither DPM nor any of its associates, directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. DPM does not assume any obligation to update or correct the information contained in this presentation (whether as a result of new information, future events or otherwise), except as required by applicable law. All subsequent forward-looking statements attributable to DPM or any person acting on their behalf are qualified by the cautionary statements herein.
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Transaction Highlights TSX: DPM 4 Creates Premier Mining Business Near-Term Production Growth Regional Expertise Financial Strength & Diversified Cash Flow Increased Mineral Reserve Life Capital Markets Profile • High-margin portfolio • Peer-leading growth profile • High-quality growth pipeline • Complements organic growth initiatives • 20+ years exploring, building and operating in the region • Assets of similar scale • Strong community partnerships • Strong balance sheet • Cash flow growth & diversification • Vareš: initial 15-year operating life • Prospective 4,400 ha land package • Proven exploration success • Increases financial scale & liquidity • Market relevance & investor appeal
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Transaction Summary TSX: DPM 5 Structure • DPM to acquire the entire ordinary share capital of Adriatic by way of a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act 2006 (the “Scheme”) • Implied transaction equity value of approximately $1.25 billion based on Adriatic’s ordinary shares outstanding • Current DPM shareholders and former Adriatic shareholders to own approximately 75% and 25% on a filly diluted basis of the outstanding common shares of the pro forma company, respectively Consideration • Adriatic shareholders are entitled to receive 0.1590 of a DPM share and £0.93 (A$1.93) in cash for each Adriatic share held, which implies consideration of £2.68 (A$5.56) per Adriatic share based on the closing price of DPM on June 11, 2025 and an exchange rate of £1.00:CAD$1.85 and £1.00:AUD$2.08 on June 11, 2025 • 51% premium based on Adriatic’s closing price of £1.78 on May 19, 2025 and a 32% premium based on Adriatic’s 30-day volume weighted average price (“VWAP”) of £1.93 and the 30-day VWAP of DPM on the TSX as at the same date • Adriatic shareholders will be able to elect, pursuant to a “mix and match facility”, subject to off-setting elections, to vary the proportions in which they receive cash and DPM shares under the Scheme. The total number of DPM shares to be issued and the total amount of cash to be paid under the Scheme will not be varied as result of such elections Approvals & Conditions • Unanimous recommendation by the Boards of Directors of DPM and Adriatic • Approval of Scheme by Adriatic shareholders requiring a majority in number of those present and voting representing at least 75% of the voting rights of all shares voted • Approval of DPM shares to be issued under the Transaction by a simple majority of DPM shareholders • Directors and senior officers of DPM and Adriatic have entered into voting support agreements and irrevocable undertakings respectively, pursuant to which they will vote their common shares held in favour of the Transaction • Requires regulatory approvals and the satisfaction of certain other closing conditions customary for a transaction of this nature Other • Certain Adriatic shareholders, including Adriatic Directors, have agreed to provide irrevocable undertakings to vote in favour of the Scheme, representing 0.4% of Adriatic’s total outstanding ordinary share capital • Upon closing, DPM’s existing board of director composition will be maintained • Executed irrevocable undertakings in favour of the Scheme by Helikon and L1 Capital Timing • Shareholder meetings expected to be held in Q3 2025 • Transaction is expected to close in Q4 2025
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High-Margin Production Base with Attractive Organic Projects TSX: DPM 6 SERBIA REGIONAL | exploration Location Serbia SERBIA BULGARIA CANADA CHELOPECH | gold-copper mine Location Chelopech, Bulgaria Stage Producing ADA TEPE | gold mine Location Southern Bulgaria Stage Producing LOMA LARGA | gold-copper project Location Southern Ecuador Stage Permitting CORPORATE HEAD OFFICE ČOKA RAKITA | gold project Location Serbia Stage Feasibility study TIERRAS COLORADAS | exploration Location Loja, Ecuador VAREŠ | precious and base metals mine Location Bosnia and Herzegovina Stage Ramp up to nameplate capacity BOSNIA AND HERZEGOVINA
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Vareš: High-Grade Precious and Base Metals Underground Mine TSX: DPM 7 Location Bosnia and Herzegovina Claims 4,400 hectares Processing capacity 850,000 tonnes per annum Operating life 15 years Products Silver-zinc and lead-silver-gold concentrates Production 168koz. gold equivalent (annual average)1 All-in sustaining cost $893/oz. gold equivalent2 Ownership 100% 1. Refer to endnote #1 on slide 19. Annual average payable production reflects 2027 to 2035. 2. Life of mine average. Refer to endnote 2 on slide 19. HIGH-QUALITY ASSET • Long operating life • Attractive high-grade orebody • Production scale and margin • Supportive mining jurisdiction LOGICAL FIT WITH DPM STRENGTHS • Decades of experience operating in region • Expertise in underground mining • Track record of building, expanding and optimizing mines • Global presence in metals concentrate sales network • Proven exploration success
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Vareš: NI 43-101 Technical Report Summary TSX: DPM 8 Unit Life of Mine Initial operating life Years 15 Mill throughput capacity ktpa 850 Avg. grade processed1 g/t AuEq. 9.2 Gold equivalent recovery % 85.8 Gold equivalent payability % 76.2 Total payable production1 Moz. AuEq. 1.8 Average annual payable production1 Koz. AuEq. 168 All-in sustaining cost2 $/oz. AuEq. $893 Initial capital (H2 2025-2026) US$M $76 Sustaining capital US$M $143 Post-tax cash flow US$M $2,107 Post-tax NPV5% US$M $1,608 Optimized, lower risk profile for Vareš • Reflects DPM’s optimized approach to Vareš: ▪ Revised bottom-up mine design sequence ▪ Grade control and geotechnical drilling program ▪ Accelerated access to higher-value tonnage ▪ Paste backfilling of mining areas • Ramp-up to 850ktpa expected by year-end 2026 1. Refer to endnote 1 on slide 19. Annual average payable production reflects 2027 to 2035. 2. Refer to endnote 2 on slide 19. Key Operating and Financial Metrics (based on mineral reserves only)
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Identified Near-Term Optimization Opportunities TSX: DPM 9 • Increases ore grades to the mill • Wider, higher-grade zones • Priority for stakeholder engagement and exploration plans • Prospective Dinarides mineral belt • 22-km corridor in proximity to Vareš infrastructure and mill • Hosts several barite and massive sulphide occurrences Ore Sorting Extending Mineralization to the North-West Prospective Land Package
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Benefits to Adriatic Shareholders TSX: DPM 10 • Greater scale and diversification • Continued exposure to Adriatic’s Vareš operation and future exploration upside, with a lower risk profile • Strong financial positioning with attractive margins and balance sheet for greater operating flexibility • Exposure to DPM’s attractive organic growth projects and exploration prospects • Enhanced growth and re-rate potential • Shared commitment to responsible mining practices • Enhanced trading liquidity, enhanced institutional investor following and capital markets profile • Value realization through partial upfront cash proceeds Creating a high-growth, high-margin precious metal producer
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…. potential for a valuation re-rate 1,032 899 778 628 540 480 458 448 442 425 387 308 290 195 Endeavour B2Gold IAMGOLD New DPM (2027) + Čoka Rakita OceanaGold Eldorado New DPM (2027) SSR Mining New Gold Torex Centerra DPM (2025) Orla Wesdome Near-Term Production Growth, Increased Scale & Liquidity… TSX: DPM 11 2025E Production Guidance (koz AuEq.) Market Capitalization (US$ Bn) $7.5 $4.8 $4.3 $4.3 $3.8 $3.8 $3.6 $3.3 $2.9 $2.6 $2.6 $2.2 $1.5 Endeavour B2Gold Eldorado IAMGOLD New DPM New Gold Orla OceanaGold Torex DPM (2025) SSR Mining Wesdome Centerra Source: Company filings, FactSet. 3. Refer to endnote #3 on slide 19. 4. Refer to endnote #4 on slide 19. 5. Refer to endnote #5 on slide 19. 3,4 6 5
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Growing Precious Metals Producer TSX: DPM 12 Peer-leading growth profile • Growth from Vareš complements organic initiatives at Čoka Rakita and Loma Larga • Growth funded from a strong balance sheet Primary precious metals producer • 70% of revenue from precious metals • Increases to ~80% once Čoka Rakita is in full production 0 100 200 300 400 500 600 2025E 2026E 2027E Gold equivalent production (Koz.)3,4 Near-term growth DPM + Vareš +Čoka Rakita ~170koz. per year 3. Refer to endnote #3 on slide 19. 4. Refer to endnote #4 on slide 19.
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TSX: DPM 13 Near-term growth with long-life deposits Strong balance sheet and sustainable financial returns High-margin asset portfolio with peer-leading production growth Prospective land positions explored by proven team Recognized team for building strong community relationships Regional presence and expertise to deliver value Creating a Premier Mining Business
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Progressive reclamation of the Ada Tepe Integrated Mine Waste Facility APPENDIX
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Responsible & Efficient Production from our Portfolio TSX: DPM 15 10-year track record of delivery underpins growth strategy Three-Year Outlook6 (2025E to 2027E) ~200koz. per year average annual gold production 30Mlbs. average annual copper production $865/oz. Au sold average all-in sustaining cost Chelopech High-quality cornerstone asset • Strong, reliable low-cost gold and copper underground mine • 2025E6 160-185koz Au; 28-33Mlbs. Cu $550-$650/oz. all-in sustaining cost7 Ada Tepe High-grade, open pit • First new mine permitted & built in the Balkans in over 40 years • 2025E6 765-80koz Au $840-$960/oz. all-in sustaining cost7 6. Refer to endnote #6 on slide 19. 7. Refer to endnote #7 on slide 19.
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Advancing the Čoka Rakita Project Announced discovery • Feasibility study expected to be completed by year-end 2025 • High-grade Mineral Reserve estimate: 1.36 Moz. Au (6.63 Mt at 6.38 g/t)8 • Strong fit with underground mining and processing expertise • Regional proximity to existing operations in Bulgaria • DPM presence in region since 2004 8. Refer to endnote #8 on slide 19. Project milestones High-margin growth project with first gold production targeted for 2028 TSX: DPM 16 First production of concentrate 2028January 2023 Maiden resource estimate December 2023 PEA May 2024 PFS December 2024 FS & construction decision Year-end 2025 Permitting Exploitation licence EIA submission 2025 EIA approval Mid-2026 Construction begins Mid-2026 PFS Highlights8 170koz. annual gold production (first 5 full years) $644/oz. Au sold all-in sustaining cost $379M initial capital expenditures $765M NPV5% | 41% IRR robust economics at $1,900/oz. Au
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Vareš Mine Production Schedule TSX: DPM 17 Year Unit Total H2 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Ore Tonnage (kt) 9,459 77 405 850 850 851 850 851 850 851 851 851 602 462 185 74 Ore Grade Zn (%) 6.89 7.34 7.15 6.83 6.81 6.28 7.35 8.07 7.73 6.61 6.04 6.57 6.41 7.05 6.34 6.66 Pb (%) 4.41 4.39 4.08 4.05 4.36 3.83 4.66 5.29 5.19 4.72 3.86 4.26 4.08 4.31 4.07 4.22 Cu (%) 0.58 0.64 0.58 0.54 0.60 0.53 0.64 0.84 0.74 0.67 0.39 0.46 0.45 0.44 0.45 0.43 Au (g/t) 1.73 3.16 2.19 2.04 2.03 2.06 1.91 2.11 1.93 1.50 1.13 1.33 1.21 1.12 1.29 1.22 Ag (g/t) 230 271 230 238 247 255 265 282 246 236 179 187 191 177 208 214 Sb (%) 0.19 0.15 0.21 0.28 0.22 0.27 0.19 0.22 0.19 0.15 0.12 0.13 0.14 0.11 0.10 0.09 Metal Recoveries Zn (%) 90.8 91.1 90.9 90.8 90.8 90.7 90.9 91.0 91.0 90.8 90.7 90.8 90.8 90.9 90.7 90.8 Pb (%) 92.6 93.2 92.5 92.4 92.6 92.2 92.7 93.1 93.1 92.8 92.3 92.5 92.4 92.6 92.4 92.5 Cu (%) 94.8 94.2 94.7 95.1 94.7 95.1 94.6 93.9 94.3 94.5 95.7 95.4 95.4 95.4 95.5 95.6 Au (%) 62.8 70.6 65.6 64.3 63.9 64.1 63.4 64.4 63.4 61.1 58.2 59.7 58.9 58.2 59.4 58.8 Ag (%) 89.6 90.5 89.7 89.6 89.7 89.9 89.9 90.2 89.8 89.7 88.7 88.8 88.9 88.7 89.1 89.2 Sb (%) 93.9 93.0 94.3 95.2 94.4 94.9 93.8 94.3 93.8 93.2 92.3 92.5 92.9 92.0 91.7 91.4 Product Zn Con (kt) 907 7.8 40.2 80.8 80.4 74.2 86.8 94.5 91.2 78.3 71.7 77.8 55.2 45.3 16.4 6.9 Pb Con (kt) 791 6.3 31.6 66.3 70.3 63.2 74.4 82.1 81.3 75.2 63.9 69.2 48.5 37.9 14.5 6.0 Recovered metal Zn (kt) 592 5.1 26.3 52.7 52.5 48.2 56.8 62.1 59.8 51.0 46.6 50.7 35.9 29.6 10.7 4.5 Pb (kt) 386 3.1 15.3 31.8 34.2 29.9 36.7 41.6 41.0 37.2 30.3 33.5 23.3 18.4 7.0 2.9 Cu (kt) 52 0.5 2.2 4.4 4.8 4.3 5.2 6.7 6.0 5.4 3.2 3.8 2.6 1.9 0.8 0.3 Au (koz) 330 5.5 18.7 35.8 35.4 36.0 33.1 37.0 33.4 25.1 17.9 21.7 14.1 9.7 4.6 1.7 Ag (Moz) 63 0.60 2.68 5.83 6.05 6.24 6.50 6.90 6.03 5.77 4.35 4.53 3.37 2.33 1.10 0.46 Sb (t) 16,515 106 788 2,238 1,794 2,153 1,512 1,747 1,509 1,220 938 1,012 811 456 170 63 Au Eq (koz) 2,402 24 100 213 224 220 240 267 246 218 171 188 133 100 41 17 Payable Metal Zn (kt) 446 3.9 20.1 39.9 39.5 36.6 42.7 46.5 45.2 38.2 35.0 38.0 26.9 22.3 8.0 3.4 Pb (kt) 337 2.8 13.2 27.6 29.8 25.8 32.1 36.7 36.1 32.5 26.2 29.1 20.2 16.1 6.0 2.5 Cu (kt) 11 0.1 0.5 0.9 1.0 0.9 1.1 1.4 1.2 1.1 0.6 0.8 0.5 0.4 0.2 0.1 Au (koz) 245 4.6 14.8 27.8 27.2 28.2 24.8 28.0 24.8 17.8 11.8 14.9 9.4 6.1 3.1 1.1 Ag (Moz) 56 0.5 2.4 5.2 5.5 5.6 5.9 6.2 5.4 5.2 3.9 4.1 3.0 2.1 1.0 0.4 Sb (t) 1,914 6 133 458 325 498 169 191 100 - - - 29 3 - - Au Eq (koz) 1,831 19 78 164 171 171 184 202 186 164 130 142 101 76 31 13 For more information, refer to the technical report “NI 43-101 Technical Report on the Vareš Mine, Bosnia and Herzegovina” with an effective date of April 1, 2025, available on our website at www.dundeeprecious.com.
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Mineral Resources and Mineral Reserves TSX: DPM 18 Tonnage Ag Zn Pb Au Cu Sb (Mt) (g/t) (%) (%) (g/t) (%) (%) Indicated 10.7 264 7.4 4.8 1.9 0.65 0.22 Inferred 0.9 150 3.5 2.8 0.8 0.37 0.15 Tonnage Ag Zn Pb Au Cu Sb (Mt) (g/t) (%) (%) (g/t) (%) (%) Proved - - - - - - - Probable 9.46 230 6.9 4.4 1.7 0.58 0.19 Total 9.46 230 6.9 4.4 1.7 0.58 0.19 Mineral Resources Estimate 1 April 2025 Mineral Reserve Estimate 1 April 2025 For more information, refer to the technical report “NI 43-101 Technical Report on the Vareš Mine, Bosnia and Herzegovina” with an effective date of April 1, 2025, available on our website at www.dundeeprecious.com.
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Endnotes TSX: DPM 19 1. The gold equivalent metrics for Vareš is reported to align with DPM’s standard reporting format. Gold contributes 14% to the net revenue, whereas other metals contribute in the amounts of: silver – 39%; zinc – 28%; lead – 17%; and copper – 2%. The reported grade was calculated from the Mineral Reserve metal grades are detailed in the Rupice Mineral Reserve statement (see “Mineral Resources and Mineral Reserves Estimate” section on slide 18 of this presentation). Commodity price assumptions are detailed below: • Zinc: 2025 - $2,806/t; 2026 - $2,711/t; 2027 - $2,766/t; 2028 - $2,780/t; 2029 onwards - $2,661/t. • Lead: 2025 - $2,07/t; 2026 - $2,059/t; 2027 - $2,082/t; 2028 - $2,050/t; 2029 onwards - $2,604/t. • Copper: 2025 - $8,818/t; 2026 - $9,811/t; 2027 - $10,119/t; 2028 - $10,362/t; 2029 onwards - $9,348/t. • Gold: 2025 - $2,300/oz.; 2026 - $2,621/oz.; 2027 - $2,490/oz.; 2028 - $2,363/oz.; 2029 onwards - $2,212/oz. • Silver: 2025 - $27.00/oz.; 2026 - $31.87/oz.; 2027 - $30.76/oz.; 2028 - $29.08/oz.; 2029 onwards - $27.69/oz. • Antimony: 2025 onwards - $2,300/t. Life of mine average metal recoveries are as follows: zinc – 90.8%; lead – 92.6%; copper – 94.8%, gold - 62.8%; silver - 89.6%. antimony – 93.9%. Life of mine total metal payabilities are as follows: zinc – 75.3%; lead – 87.1%; copper – 20.4%, gold – 74.2%; silver – 90.0%. antimony – 11.6%. 2. All-sustaining cost and all-in sustaining cost per gold equivalent ounce on a co-product basis are non-GAAP measures. All-in sustaining cost consists of all cash costs, plus treatment charges, penalties, transportation and other selling costs, cash outlays for sustaining capital expenditures and leases, and rehabilitation-related accretion and amortization expenses. All-in sustaining cost per gold equivalent ounce is calculated as all-in sustaining cost divided by payable gold equivalent ounces. The Company uses conversion ratios for calculating gold equivalent ounces for its silver, zinc, lead and copper sales, which are calculated by multiplying the volumes of metal sold by the respective assumed metal prices and dividing the resulting figure by assumed gold price. These non-GAAP cost metrics capture the important components of the Company’s production and related costs and are used by DPM and investors to monitor cost performance at the DPM operations. As Vareš is not in commercial production, DPM does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures or ratios presented may not be reconciled to the nearest comparable measure under IFRS. 3. Gold equivalent ounces are calculated based on average conversion ratios as follows: silver to gold of 82:1, copper pounds to gold of 582:1, zinc pounds to gold of 1,854:1 and lead pounds to gold of 2,436:1. 4. Based on the Company’s three-year outlook, the Vareš NI 43-101 Technical Report and the Čoka Rakita pre-feasibility study. Refer to i) the Company’s 2025 guidance and three-year outlook, which can be found in the MD&A for the period ended March 31, 2025; ii) the technical report “NI 43-101 Technical Report on the Vareš Mine, Bosnia and Herzegovina” with an effective date of April 1, 2025; iii) the technical report “NI 43-101 Technical Report Čoka Rakita Project Pre-Feasibility Study, Eastern Serbia” dated January 31, all of which are available on the Company’s website at www.dundeeprecious.com and on SEDAR+ at www.sedarplus.ca. 5. Based on pro-forma shares outstanding multiplied by DPM’s closing price as of June 6, 2025. 6. Forecast/guidance information is subject to a number of key assumptions, risks and uncertainties. Details of the Company’s 2025 guidance and three-year outlook can be found in the MD&A for the period ended March 31, 2025, available on the Company’s website at www.dundeeprecious.com and on SEDAR+ at www.sedarplus.ca. See “Forward Looking Statements” on slide 2. 7. All-in sustaining cost per ounce of gold is a non-GAAP ratio which represents cost of sales less depreciation, amortization and other non-cash items plus treatment charges, penalties, transportation and other selling costs, cash outlays for sustaining capital expenditures and leases, rehabilitation-related accretion and amortization expenses and an allocated portion of the Company’s general and administrative expenses less by-product revenues in respect of copper and silver including realized gains on copper derivative contracts divided by the payable gold in concentrates sold. Non-GAAP measures have no standardized meaning under IFRS. Refer to the “Non-GAAP Financial Measures” section of the Company’s MD&A for the period ended March 31, 2025. 8. Refer to the technical report “NI 43-101 Technical Report Čoka Rakita Project Pre-Feasibility Study, Eastern Serbia” dated January 31, 2025, available at www.dundeeprecious.com and SEDAR+ at www.sedarplus.ca.
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Technical and Regulatory Information TSX: DPM 20 The scientific and technical information contained in this presentation were prepared in accordance with the Canadian regulatory requirements set out in NI 43-101, and have been reviewed and approved by: Sabine Anderson, MIMMM, Principal Consultant (Mining Due Diligence); Martin Pittuck, MIMMM, Corporate Consultant (Resource Geology); Michael Di Giovinazzo, AusIMM, Principal Consultant (Rock Mechanics Engineering); Peter Myers, FAusIMM, Principal Consultant (Mining Engineering); John Willis, MAusIMM, Principal Consultant (Mineral Processing); Richard Martindale, MIMMM, Principal Consultant (Geotechnical/ Tailings Engineering); James Bellin, MIMMM, Principal Consultant (Hydrogeology); and Colin Chapman, MIMMM, Principal Consultant (Infrastructure). All are independent Qualified Persons, as defined under NI 43-101. The Vareš Technical Report was filed on SEDAR+ at www.sedarplus.ca and on DPM’s website at www.dundeeprecious.com. Investors should read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the technical and scientific information presented in this presentation.
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Corporate Head Office 150 King Street West, Suite 902 Toronto, Ontario M5H 1J9 T: 416 365-5191 Investor Relations jcameron@dundeeprecious.com T: 416 219-6177 www.dundeeprecious.com